The Canadian Bank of Commerce (CIBC)
started its existence on May 15, 1867 in Toronto. Its first president and businessman William McMaster was concerned about Montrealís influence over the business life in upper Canada and set it for his goal to make CIBC the major competitor of the Bank of Montreal. On June 1, 1961 the Canadian Bank of Commerce merged with the Imperial Bank of Canada to form the Canadian Imperial Bank of Commerce (CIBC). This was the largest merger of two Canadian banks
in the countryís history. Six years later in 1967, both CIBC and Canada celebrated their centenaries. Today, CIBC is the fifth largest provider of banking and financial services in Canada in terms of deposits. The bank is headquartered in Toronto, Ontario and has representational offices in the United States, Great Britain, Asia, and the Caribbean region. Mr. Gerald T. McCaughey, CEO of Canadian Imperial Bank of Commerce, is leading a team of over forty thousand devoted officials, serving the bankís more than eleven million clients in Canada and around the world. CIBC
is publicly traded at the stock exchanges in Toronto and New York under the ticker 'CM'.
CIBCís personal banking, business banking, and wealth management units operate under the common cap of CIBC Retail Markets. To their individual clients, CIBC offers a set of specially-tailored banking, lending and consulting solutions and insurance programs, including checking and savings accounts, various preferential-rate credit and debit cards, children savings plans and low-rate student loans, as well as special everyday banking solutions and savings accounts for elderly citizens over sixty years of age and young people. To further facilitate their clients, experts from the Canadian Imperial Bank of Commerce have developed user-friendly online banking services and telephone banking channels. CIBCís personal lending options encompass a wide range of mortgage plans such as CIBC AeroMortgage, which turns your mortgage payments into various travel rewards, as well as various fixed-rate and floating-rate mortgages. Other financial products include open and closed mortgages, various consumer loans and credit lines for home renovation and major purchases, tuition loans and credit lines for education, debt management services, as well as leasing solutions for the purchase of cars and yachts.
The personal investment tools of the Canadian Imperial Bank of Commerce include guaranteed investment certificates, mutual funds, diversified portfolio solutions, structured notes, various retirement savings plans, tax-free savings accounts and self-directed brokerage solutions. The bank also offers financial advisory and wealth-management services to individual clients, while its insurance solutions include life and health insurance, travel insurance, home and auto insurance, as well as insurance options for creditors. The Million Dollar Maximum Accident Plan offers up to $1 million in the unfortunate event of accidental death. The emergency travel medical insurance has a maximum coverage of $2 million. The insurance package covers doctorsí and hospital bills (in excess to the amount paid by the government), emergency return, emergency dental treatment, prescribed medicines, and paramedical services.
The business banking services, offered by the Canadian Imperial Bank of Commerce, include premium bank accounts for small business owners, business credit cards and flexible business lending. Financing solutions include preferential-rate mortgages for the purchase of commercial real estates, various cash management and merchant services, business investment and startup solutions, while the international banking services
of CIBC encompass global trade assistance, foreign exchange, market analyses and correspondent banking services.
In addition, the team of CIBC has developed special financing programs to support farmers, entrepreneurs, professionals and professional colleges.
The financial results of CIBC include net income of 1.16 billion US dollars at the end of financial year 2009, along with revenues of US $9.6 billion and total assets of $326 billion.
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